Annual
Report 2024
Powering Communities
Ellis Carr, President & CEO
At Momentus Capital, expanding access to capital is central to our mission. By enhancing training, scaling lending, and growing investment services, we’re building the channels needed to help communities, businesses, and individuals thrive.
Get to Know Us
Our Vision
An economic system that respects and uplifts all peoples’ right to achieve the dreams they have for themselves, their communities, and generations to come.
Delivering Economic & Community Development
Strong communities that drive health and wealth require a mix of community and economic development. These investments support facilities that deliver critical social services, loans and grants to jumpstart small businesses, and training programs that enable entrepreneurs to fulfill their dreams. Throughout this report, we illustrate how Momentus Capital’s unique ability to deliver a continuum of capital drives free enterprise, economic resilience, and healthier communities.
Small Business Lending
Commercial Real Estate
Community Development Real Estate
Community Development Working Capital
Impact Investments
Business Advising & Training
Impact Highlights
$
Total Capital Deployed
$194,537,364
Community Development Loans Closed
$4,050,000
Impact Investments Closed
$214,186,916
Commercial Real Estate Loans Approved
Including $84,717,000 in SBA 504 loans
$56,289,768
Small Business Loans Approved
Including $53,894,357 in Community Advantage 7(a) loans
Supporting Successful Communities
Our work supports a range of factors that contribute to strong and prosperous communities. These conditions include factors such as economic security, education, housing, food access, and access to health care services and social support networks. We aim to use our lending, investing, and programmatic work to improve these areas for the places and communities we support.
558
Small Businesses + Developers Served
5,533
Jobs Created & Preserved
763
Students Served by Expanded Schools
65,000
Patients with Expanded Access to Health Care
17,000
People with Expanded Access to Food
1,396
Affordable Housing Units Financed
Impact Investment Highlights
Our Impact Investments program supports companies led by entrepreneurs creating impact in their communities. Investment outcomes include increasing access to health care and healthy foods, supporting employee ownership, and driving economic development. Below are a few investment highlights from the past year.
| Company | Investment Amount | Investment Type | Impact | Geography |
|---|---|---|---|---|
| Hungry Harvest | $1,500,000 | Mezzanine Debt | Community Health Promotion | Washington, D.C. Metropolitan region |
| Cornbread | $1,000,000 | Mezzanine Debt | Increased Access to Food | New York City |
| Advanced HVAC | $1,550,000 | Preferred Equity | Community-rooted Enterprises | New York City |
| Cook’s Nook | $500,000 | Mezzanine Debt | Increased Access to Food | Texas |
| DSG | $5,000,000 | Preferred Equity | Community Development | North Carolina |
In 2024, Momentus Securities connected 17 mission-driven lenders with $163 million in liquidity.
Momentus Securities
An SEC-registered broker-dealer, MSRB-registered, and a FINRA/SIPC member, Momentus Securities offers a range of services across markets and investment banking and helps drive institutional capital to small businesses and nonprofits.
Ventures Lending Technologies
Ventures is a premier cloud-based commercial lending platform that offers services throughout the entire lifecycle, from borrower prospect to loan payoff. Over 230 community lenders nationwide use Ventures to streamline their efforts to provide capital to small businesses, community organizations, and communities.
In 2024, the Ventures software was used to enable $19 billion+ of financing. By enabling these loans to small businesses, Ventures helps promote economic development and stability in communities across the country.
In February 2025, Ventures Lending Technologies merged with Lenders Cooperative, forming a single entity delivering comprehensive commercial loan origination and servicing solutions. Together, they become the premier technology company offering loan solutions and shared services for commercial banks, credit unions, Certified Development Companies (CDCs), Community Development Financial Institutions (CDFIs), and other fintech companies providing commercial and government-guaranteed loans to their local businesses and communities. Learn more.
Our Continuum of Capital in Action
Momentus Capital recognizes that the places where people live and work have a significant effect on their health and well-being. To that end, we employ a place-based approach, supporting specific focus regions where we aim to maximize impact.
Because economic challenges facing communities are multidimensional, successful place-based work must employ a variety of solutions through our continuum of capital, investments, and programs.
Working in focus regions allows us to better tailor the types of capital we offer to support local solutions. This targeted strategy leads to deeper and more durable impact with the communities we support.
In 2024, we listened closely to stakeholders in two of our focus regions: Atlanta and Los Angeles. The result will be tailor-made place-based strategies for these metropolitan areas that we will implement in 2025. Below, you can see our baseline for each region. In line with each place-based strategy, we will work to increase our impact in these two regions over the next three years.
Los Angeles
- Over $118 million deployed
- Over $11 million of financing to health care businesses, expanding access to health care in the region
- 165 businesses supported
- 1,575 jobs created or preserved
Atlanta
- Over $13 million deployed
- Creation of over 300 units of housing
- 12 businesses supported
- 83 jobs created or preserved
Stories of Impact
We are expanding opportunities for small business owners, social enterprise leaders, community-rooted developers, and creators of community facilities by providing a continuum of capital.
Supporting Farmers, Nourishing Communities
4P Foods is on a mission to build a food system where farmers thrive, soil is cared for, and communities have access to healthy food. Momentus Capital understood their vision and provided $1.5 million in non-dilutive growth capital to fuel 4P’s expansion across multiple fronts.
Programs for Small Business Entrepreneurs & Real Estate Developers
As part of our continuum of capital, we offer a variety of training and grant programs to support small-business entrepreneurs, real estate developers, and local leaders in building wealth and opportunity in their communities.
Business Advising
Offering knowledgeable and accessible small business advisors to loan applicants and current borrowers—pre- and post-loan. Our proven team of experts provides support on everything from credit repair to financial reporting to business strategy.
- We have supported 399 entrepreneurs with Business Advising at no cost
Cooperatives
Since its founding in 1982, Capital Impact Partners, part of the Momentus Capital branded family of organizations, has been grounded in the cooperative model to foster employee ownership and access to healthy food and affordable housing through our continuum of capital. Cooperatives are a proven model that supports small businesses and local leaders to drive job creation and economic activity in communities nationwide.
Total Deployed to Cooperatives
- Lending & Investments: $2,811,993
- Grants: $1,025,000
Celebrating the 10th Anniversary of the Co-op Innovation Award Program
2024 saw two significant milestones for our Co-op Innovation Awards. This included celebrating the 10th anniversary of the program as well as surpassing $1 million in grants.
A total of 60 organizations applied for this year’s Co-op Innovation Awards. The 2024 awardees are:
Community Purchasing Alliance Cooperative
Washington, D.C. | Award Amount: $50,000
Commongrounds Cooperative
Traverse City, Michigan | Award Amount: $50,000
Red Emma’s Cooperative Corporation and Red Emma’s Education Fund
Baltimore, Maryland | Award Amount: $50,000
Montana Cooperative Development Center
Great Falls, Montana | Award Amount: $20,000
Since 2015, the Co-op Innovation Awards have:
- Deployed 30 grants totaling $1.025 million
- Grantees have leveraged the award to secure more that $15 million in additional funding from foundations, investors, and government agencies
- Grantees have reached more than 3,200 community members through meetings and training
We thank our longstanding partner, National Cooperative Bank, and our 2024 sponsors, Rochdale Capital; Wells Fargo; Ford & Paulekas, LLC; National Co-op Grocers; and Gallagher Evelius & Jones LLP.
Other Cooperative Highlights
- Cooperative Hall of Fame Sponsor
- Panel Participation:
- “Cooperatives 101” OFN Panel with Rochdale Capital, Project Equity, and Transform Finance
- Advisory Board participation:
- Cooperative Development Foundation Advisory
- NCBA BOD
- UHAB
- Greater Washington Center for Employee Ownership Advisory BOD
- Grant Review participation:
- 2025 DMV Impact Grant (Washington, D.C.)
- 2025 Co-op Development Fund Grant
- Co-op 5k Sponsor
Real Estate Developers Training Programs
Our free training programs facilitate new opportunities for both emerging and established community-rooted real estate developers while also increasing affordable and workforce housing to strengthen their communities.
- Projects Supported (Closed and In-Pipeline): 32
- Loans Funded: 8 loans closed for a total of $39,848,943
Highlights from Key Geographies
Wells Fargo Growing Housing Developers (GHD) (National)
Wells Fargo Growing Housing Developers (GHD) (National)
- Social Capital: Convened the 2nd annual in-person gathering in Oakland, CA.
- Financial Capital: Delivered Capital Impact Partners’ first credit enhancement-backed capital to a GHD developer in the form of a $300,000 recoverable grant that unlocked $3 million of project capital from the City of Houston. 78 affordable homes will be developed as a result.
Amazon Housing Accelerator Fellowship (Washington, D.C.)
Amazon Housing Accelerator Fellowship (Washington, D.C.)
- Social Capital: Launched second cohort to support housing developers creating affordable and beautiful living spaces in needed communities across the Washington, D.C. Metropolitan region.
- Knowledge Capital:
- Delivered 83 hours of training, project and business advising, and technical assistance to 13 program fellows.
- The HAF Harvest Mixer networking event brought together program participants and alumni. The panel discussed accessing capital in the Washington, D.C., Metropolitan region and how developers should engage with capital providers, including CDFIs, to fund their projects.
- Financial Capital: Provided $1.5 million in catalytic grant funding towards fellows’ affordable housing projects.
- Key Developments: 519 Kennedy Street NW, a 15-unit project by MORE Inc.; 1516-1520 Holbrook Street NE, a 16-unit project by Yoke Partners; Robin Lofts, an 8-unit project by Bethune Development.
Detroit
Detroit
- Financial Capital: The Detroit EDI program surpassed $1 million in total predevelopment and feasibility grants disbursed, expanding access to capital for 117 alumni and their projects.
- Key Developments: Ribbon cuttings for The Ribbon and The Beauton, adding over 40 new housing units; Long-time adviser Cliff Brown unveiled The Brooke on Bagley, contributing over 70 additional units to Detroit’s housing stock.
Atlanta
Atlanta
- Knowledge Capital: Launched EDI in Atlanta with a 16-developer cohort
- The event featured a challenge from GHD member Sharon Guest and a fireside chat with former U.S. Congressman Kwanza Hall (currently Chair of the Fulton County Economic Development Authority).
Austin
Austin
- Financial Capital: Awarded two $25,000 grants to two projects led by three Austin Small Developer Training alumni. Combined, the projects propose 326 units in Central and East Austin, 113 of which will be affordable.
Bay Area
Bay Area
- Knowledge Capital: Second cohort concluded with representation across the Bay Area’s nine counties.
- 92% of participants’ capstone projects were focused on active affordable housing projects, including housing for foster youth, seniors, faith-based development, and innovative mixed-use solutions.
- Financial Capital: $1 million in pre-development financing committed for New Way Homes. The project will deliver 83 units of 100% affordable housing in East Oakland.
Dallas
Dallas
- Knowledge Capital: The second cohort successfully graduated 13 emerging developers after eight months of intensive training. The program included 19 sessions with 27 external facilitators and is expected to result in a pipeline of 100 housing units over the next 24 months.
National Training
National Training
- Knowledge Capital: The Training Team led the upgrade and enhancement of Momentus Academy, the organization’s Learning Management System (LMS). Momentus Academy includes supplemental materials, activities, and assessments for in-person programming (e.g., EDI), and is now better positioned to help the organization develop and deliver training for a wider array of audiences, both in terms of location, as well as discipline (e.g., small business, commercial real estate, etc.).
- With this upgrade to Momentus Academy, the platform will significantly increase the efficiency of the loan closing process by creating instructional modules that can be disseminated to potential borrowers.
- This upgrade will allow for a much more effective technical assistance process and bolster our reputation as a provider of knowledge capital.
Nourish DC Collaborative
Supporting the development of a robust ecosystem of locally owned food businesses, fostering neighborhood vitality and improved health in the Washington, D.C., Metropolitan region.
Since the launch of the program in October of 2021, the collaborative partners* have:
- Deployed over $18.8 million in financing; $2,060,000 in grants; and technical assistance to over 1,250 food businesses in D.C.
- Created or retained 630 quality jobs.
- Outreach to over 3,905 community members through community events, including 2,375 in-person attendees.
- Received $3,220,000 in additional funding (in addition to $2 million for food financing credit enhancements).
*Data is for the collaborative, which includes Capital Impact Partners, Washington Area Community Investment Fund (Wacif) and the Latino Economic Development Center (LEDC), City First Enterprises, Dreaming Out Loud, and EatsPlace.
Insights
Media Highlights
Media outlets from across the country have featured our work with communities, small businesses, and local leaders. Below are some highlights of that coverage.
Momentus Capital branded family of organizations named one of the best places to work
For second straight year, Ellis Carr named to Washington Business Journal’s Power 100 list
Ellis Carr on Momentus Capital’s growing toolkit for financing community and economic development
Loans help owners survive, thrive and expand
Platform will make small-business loans more widely available in U.S. communities
Momentus Capital closes $171 million Investment Fund
New training program launches for emerging real estate developers in Atlanta
Deal reached to rehabilitate 48 affordable co-op homes, increase Harlem homeownership
$52K in grant funding to increase access to food in northern Virginia
This is Small Business: Business Loans Dos and Don’ts
For a full list and links to articles, please visit our news coverage page.
Awards & Recognition
People
Ellis Carr
Power 100
Washington Business Journal
Tony Barengo
Leaders of Influence in Commercial Real Estate
San Diego Business Journal
Kim Dorsett
Leader of Distinction
Chief Human Resource Officer of the Year Awards
HRO Today
Susan Lamping
50 over 50 Women of Influence
San Diego Business Journal
Belinda Rosthenhausler
50 Commercial Real Estate Leaders to Watch in 2025
Az Business magazine
Melissa Stallings
Diversity in Business Honoree
Washington Business Journal
Matt Wehland
LGBTQ+ Leaders of Influence
San Diego Business Journal
Tian Wu
AAPI Power Players
PoliticsNY + amNY Metro
Institutional
Best Nonprofits to Work For
NonProfit Times
Momentus Capital
Community Advantage Lender of the Year
SBA Michigan District
CDC Small Business Finance
Excellence in Banking Award for Community Impact
AZ Business magazine
CDC Small Business Finance
Real Estate QLICI of the Year
Novogradac Journal of Tax Credits
Capital Impact Partners
Commercial Real Estate Awards Finalist
Austin Business Journal
Capital Impact Partners
Top 10 Broker-Dealers
Financial Services Review
Momentus Securities
Financial
Fitch Ratings A+ with Stable Outlook
Capital Impact Partners + CDC Small Business Finance
S&P Global A+ Rated with Stable Outlook
Capital Impact Partners & Capital Impact Investment Notes
S&P Global Second Party Opinion
Capital Impact Investment Notes
ImpactAssets 50 (IA 50) Impact Fund Managers
Capital Impact Partners
Financial Highlights
Community Development Lending
FY2020-FY2024
Loan Portfolio Growth
FY2020-FY2024
36%
Total Asset Growth
FY2020-FY2024
Unrestricted Net Asset Growth†
FY2024
Delinquency Ratio*
†Unrestricted Net Assets temporarily reduced/impacted by reduction of non controlling interest in a joint venture (See Note 25. in 2024 combined audit for more information). *At year end FY2024.
Small Business Lending
FY2020-FY2024
–
Total Asset Growth†
FY2020-FY2024
Unrestricted Net Asset Growth
FY2020-FY2024
Loan Portfolio Growth†
FY2024
Delinquency Ratio*
†Total Asset and Loan Portfolio growth impacted temporarily by $261 million in Paycheck Protection Program loans forgiven, reducing assets and portfolio. *At year end FY2024.
Capital Impact Investment Note
Offered through Capital Impact Partners, the Capital Impact Investment Note provides a unique opportunity for individuals and organizations to invest in our efforts to create a positive impact for communities nationwide. In 2024, we marked over $500 million raised through our Investment Notes program.
Total amount invested in FY 2024
$
Total amount invested over the life of the Note
(Since inception as of 12/31/2024)
$
Portfolio Highlights
Community Development Lending
$
Total Managed Portfolio
Small Business
$
Total Managed Portfolio
On-Balance Sheet
| Sector | Loan Balance | Bar Chart |
|---|---|---|
| Retail Trade | $27,490,930.72 |
|
| Health Care and Social Assistance | $27,026,985.31 |
|
| Food Services and Accommodation | $24,253,961.63 |
|
| Manufacturing | $23,014,570.69 |
|
| Construction | $19,771,887.54 |
|
| Other Services | $18,804,631.61 |
|
| Professional, Scientific, and Technical Services | $18,780,675.14 |
|
| Educational Services | $12,977,015.99 |
|
| Wholesale Trade | $12,580,817.31 |
|
| Administrative and Support | $10,054,195.54 |
|
| Arts, Entertainment, and Recreation | $9,910,162.18 |
|
| Finance & Insurance | $6,294,321.38 |
|
| Transportation and Warehousing | $4,752,495.72 |
|
| Real Estate, Rental, and Leasing | $3,566,958.93 |
|
| Information | $2,466,250.93 |
|
| Agriculture | $365,755.81 |
|
| Utilities | $312,993.76 |
|
Off-Balance Sheet
| Sector | Loan Balance | Bar Chart |
|---|---|---|
| Wholesale Trade | $273,206,396.02 |
|
| Manufacturing | $262,155,005.59 |
|
| Professional, Scientific, and Technical Services | $251,573,338.12 |
|
| Retail Trade | $251,283,168.60 |
|
| Health Care and Social Assistance | $242,406,043.64 |
|
| Accommodation and Food Services | $199,309,966.58 |
|
| Construction | $174,809,676.38 |
|
| Other Services (except Public Administration) |
$105,487,621.15 |
|
| Real Estate, Rental, and Leasing | $83,870,141.63 |
|
| Transportation and Warehousing | $76,558,574.27 |
|
| Arts, Entertainment, and Recreation | $47,235,067.86 |
|
| Finance and Insurance | $36,908,616.96 |
|
| Administrative and Support and Waste Management and Remediation Services | $28,351,463.61 |
|
| Educational Services | $26,085,159.34 |
|
| Information | $16,782,872.83 |
|
| Public Administration | $3,446,873.74 |
|
| Management of Companies and Enterprises | $1,976,443.20 |
|
| Agriculture, Forestry, Fishing and Hunting | $389,167.58 |
|
Leadership Team & Board of Directors
An Experienced & Mission-focused Group of Leaders
Momentus Capital’s mission-focused leadership team and board of directors bring decades of experience supporting community and economic development across the country. Their experience spans community development, capital deployment, small business, policy, and impact investing.
Our Values
Our Vision
An economic system that respects and uplifts all peoples’ right to achieve the dreams they have for themselves, their communities, and generations to come.
Our Mission
We help build communities and small businesses by providing access to the capital and opportunities they deserve.